In this article, Have you ever wondered if you have any unclaimed money or property in Michigan? You might be surprised to find out that you do. Unclaimed money is lost or forgotten assets such as dormant bank accounts, uncashed checks, valuables left in safe deposit boxes, and stock certificates.
The Michigan Department of Treasury tracks unclaimed property and has a website where you can search for your name and file a claim. You need to provide supporting documents to prove your ownership and wait for the review, approval, or denial of your claim.
Step 1: How much unclaimed money is there in Michigan
According to the Michigan Department of Treasury, there is over $2 billion in unclaimed property held by the state. The Treasury says it has paid out more than $485 million over the last five years.
The average claim pays out around $2,000, though business claims are typically much larger than individual assets. The highest item of unclaimed property from an individual Michigander is valued at $1.8 million.
Step 2: How can I search for unclaimed money in Michigan
The easiest way to search for unclaimed money in Michigan is to visit the Michigan Unclaimed Property website and enter your name or business name in the search box. You can also search by property ID number, if you have one. The results will show you the owner name, co-owner name, holder name, property type, city, and property ID number of any matching records.
If you find a property that belongs to you, you can click on the “Claim” button and follow the instructions to submit your claim online. You will need to create an account and provide some personal information, such as your Social Security number, address, and phone number.
Step 3: What documents do I need to claim unclaimed money in Michigan
The documents you need to claim unclaimed money in Michigan depend on the type and value of the property, as well as your relationship to the owner. For example, if you are claiming a bank account or a check, you may need to provide a copy of your driver’s license, a bank statement, or a canceled check. If you are claiming a safe deposit box, you may need to provide a copy of your rental agreement, a key, or a receipt.
If you are claiming property for a deceased relative, you may need to provide a copy of the death certificate, a will, or a probate order. You can find a list of required documents for different types of property on the Michigan Unclaimed Property website.
Step 4: How Long Does It Take to Receive Unclaimed Money in Michigan
The time it takes to receive unclaimed money in Michigan varies depending on the complexity of the claim and the volume of claims received by the Treasury. In general, simple claims can be processed within a few weeks, while complex claims can take several months or longer.
You can check the status of your claim online by logging into your account on the Michigan Unclaimed Property website. You will receive an email notification when your claim is approved or denied. If your claim is approved, you will receive a check by mail within 10 business days.
Step 5: How Can I Prevent My Property from Being Turned Over to the State
The best way to prevent your property from being turned over to the state as unclaimed is to keep track of your assets and update your contact information with the holders of your property. Here are some tips to avoid losing your money or property:
- Cash all checks as soon as possible, especially those from refunds, dividends, insurance payments, or wages.
- Keep your bank accounts active by making deposits or withdrawals at least once every three years.
- Review your statements and report any errors or discrepancies to your bank or financial institution.
- Notify your bank or financial institution of any change in your name, address, phone number, or email address.
- Keep a record of all your accounts, investments, insurance policies, and safe deposit boxes.
- Store your valuables in a safe place and make an inventory of them.
- Inform your family members or trusted friends of the location and contents of your safe deposit box.
- Make a will or a trust and name beneficiaries for your assets.
- Review your estate plan regularly and update it as needed.
FAQ: The Ultimate Guide to Your Questions
Q: Is there a fee to claim unclaimed money in Michigan?
A: No, there is no fee to claim unclaimed money in Michigan. The Treasury does not charge a service fee or commission for returning unclaimed property to its rightful owners. However, some third-party companies may offer to help you find or claim unclaimed money for a fee. Be wary of these offers and do not pay anyone upfront for their services. You can search for and claim unclaimed money yourself for free on the Michigan Unclaimed Property website.
Q: What if I have unclaimed money in other states?
A: If you have unclaimed money in other states, you can search for it on the [National Association of Unclaimed Property Administrators (NAUPA) website], which links to the official unclaimed property websites of all 50 states, the District of Columbia, Puerto Rico, and some Canadian provinces. You can also search for unclaimed money with a federal agency, such as the IRS, the Social Security Administration, or the Department of Veterans Affairs, on the USA.gov website. If you have unclaimed money outside the country, you can search for it on the Foreign Claims Settlement Commission website, which handles claims against foreign governments for losses or injuries.
Q: What is National Unclaimed Property Day?
A: National Unclaimed Property Day is an annual event that aims to raise awareness and educate the public about unclaimed property and how to claim it. It is celebrated on February 1st every year. The event was initiated by NAUPA in 2018 and is supported by state treasuries and unclaimed property programs across the country. Governor Gretchen Whitmer encouraged Michiganders to conduct a simple search online to see if they have any lost or abandoned property as a part of National Unclaimed Property Day in 20236.